Nice to see any of this... 1: The lung cancer clinical trials conducted at the BC Cancer Agency and led by Dr. Stephen Lam have recently been concluded and the statistical analysis of the results is currently underway. Raman spectra have been collected from more than 300 malignant and benign lesions.
2: The clinical study for lung cancer using Verisante CoreTM has been completed. Verisante intends to pursue regulatory approval in Canada for the CoreTM device for lung cancer after the results of the statistical analysis have been published in a peer reviewed journal.
3: The Company entered into a convertible debenture agreement on April 26, 2017 with a non-related party for $4,000,000 bearing interest at 9% per annum. Interest is payable in quarterly installments and the loan is due on May 25, 2020. The holder has the right to convert a portion, or all, of the outstanding principal into common shares of the Company at conversion prices ranging from $0.13 to $0.20 per share at anytime on or before the date of the repayment in full of the certificate. The final terms of the financing shall be subject to approval from the TSX Venture Exchange.
4: 4 million warrants @ .08 expire December 28/2017
5: Revenue from the sale of goods, including the Aura device, the Aura II device and Aura device service kits, is measured at the fair value of the consideration received or receivable, net of returns, discounts, rebates and sales taxes or duty. The Company has a return policy whereby the customer can return any product received within 30 days for a full refund excluding shipping and handling. The Company also extends credit terms to customers with the payment being due 30 days after delivery or the customer’s acceptance of the risks, rewards and responsibility of the product. Revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. During the year ended December 31, 2016, the Company recognized $nil (2015 – $24,739) in recovery of inventory costs.